July 24, 2024 06:07 GMT
APAC Credit Softer, Primary Market Remains Quiet
CREDIT UPDATE
- Regional Asian equities weaker today, following disappointed earnings results from Tesla, while Alphabet told investors they may need to wait before seeing returns on AI investments. There has been a sudden drop in US equity futures during the Asia lunch break, although there seems to have been little in the was of catalyst for the move at this point. The Taiwan & Philippine's markets were closed today due to Typhoons.
- Aus credit market was quiet today, bonds drifted about 1bps. Snr Bank paper is unch to 1bps wider, Bank Sub paper is unch, while corps are 1bps weaker.
- Asia credit is a touch softer today, Macau gaming trades 1-3bps wider, Financials are 1-2bps weaker with Chinese and Korean banks under-performing, Real estate names continue Tuesday moves trading 1-3bps tighter, while tech was mixed with semiconductor the worst performers.
- Indonesian quasis such as PLNIJ & PERTIJ were weaker again as the IDR continues to slip over the past few days leading to higher funding costs on the USD lines.
- Aus iTraxx CDS is 1bp higher at 65bps & Asia Ex-J iTraxx is unchanged at 94.5bps
- Primary: Mirae Asset $Benchmark 3Y at +185 Area & LBBW A$ 5-Year Senior Pfd Kangaroo Bonds at BBSW +135bp area
201 words